Republic of San Marino: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

IMF Staff Country Reports, April 11, 2018

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Republic of San Marino: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of San Marino

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Bibliographic details

• Published: April 11, 2018
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781484350768.002

Key findings: recent performance and risks

• San Marino’s economy rebounded in 2016, driven by recovering domestic demand and important gains in employment.
• Growth momentum slowed in 2017 amid financial sector uncertainties around a sizable loss at the largest bank and a closure of a small bank.
• Banking sector vulnerability and the need for a banking sector clean-up/repair are central concerns noted by the staff.
• An externally financed investment project is identified as a significant near-term boost to investment; otherwise investment lacks support from the deleveraging banking sector.

Near- and medium-term outlook and projections

• The economy is projected to grow at 1.3 percent in 2018, driven by domestic demand.
• Private consumption is expected to recover gradually.
• Only moderate growth is projected in the near and medium term.

Subjects and analytical focus

• Banking
• Commercial banks
• Economic and financial statistics
• Financial institutions
• Financial sector policy and analysis
• Financial sector stability
• Financial statistics
• Public debt
• Tax allowances
• Taxes

Keywords and thematic tags (as listed)

• authorities of the Republic of San Marino
• banking sector clean-up
• banking sector repair
• banking sector vulnerability
• banking system vulnerability
• Commercial banks
• CR
• Europe
• Financial sector stability
• Financial statistics
• Global
• government
• growth momentum
• IMF staff calculation
• ISCR
• liability positions vis-à-vis nonresident
• Sta balance of payments statistics
• Tax allowances

Content in this bundle

• Country Report
  • Country Report (Markdown version)
  • Country Report (PDF)